Layer1 co-founders are suing over power plant cost $20 million

The co -founder of Layer1 Yakov Dolich demanded through the court to ban his companion selling a power plant worth $20 million. The court granted the application of the valley.

We are talking about mining farm, launched in February Layer1 in West Texas. Valich founded Layer1 in June 2019 year together with Alexander Ligl (Alexander Liegl), who is now acting as the general director, And Ivan Kirillov, working as a technical director. Earlier, the leadership of Layer1 announced the intention to become the largest miner of Bitcoin in North America.

In his appeal to the court, the Valich said, that the general director of Layer1 Alexander Ligl hoped to attract around $50 million from American venture investors to finance mining activities. At that time, Layer1 leaders also started negotiations on the purchase of a power plant with a capacity 100 MW. The valley claims, that Ligl could not attract capital from venture investors. Then the Valich and Ligl came to the agreement, that the Valich will purchase a power station for his own money and return it after collecting funds from investors.

In the lawsuit, that besides his personal investments, Layer1 did not have other sources of income and capital, And in the period from 2019 by 2020 The year has not attracted any investment. In October last year, the leadership of Layer1 announced the attraction $50 from the co -founder of PayPal Peter Til (Peter Thiel) и SHASAS VENTURES, However, in August 2020 year in cryptocurrency publications appeared information, that Layer1 collected only $23 million, And even this capital was formed from the funds of the founders of the company.

According to the suit of the valley, In July 2019 He translated the year $16 Milln on the account of Hodl Ranch, To redeem the power station, And in October he listed more $7 Milln for the purchase of additional capacities 50 Mw *. Later, Valich provided another $3.5 million. The total amount of his personal investments was $6.4 million.

The valley claims, that the ligl improperly expended the funds, Paying large "consulting fees" without the knowledge, And later "confiscated" 75% his shares. After the departure of the Valich, Layer1 faced a financial crisis, Therefore, Ligl decided to sell a power station at a reduced price. In his appeal to the court, the Valich demanded to transfer the power station to his property. Ligl does not agree with these accusations and said, that the claims of the Valich are not true. However, the court granted the application of the valley, By applying a ban on the sale of a power plant.

Recall, that in June of this year, the Layer1 startup launched a "virtual power station", suspending operation of equipment during peak loads on the mains, to reduce the average electricity price.